Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 587 - AT - Insolvency and BankruptcyContempt petition - removal of the ‘Resolution Professional’/ ‘Liquidator’ - It was alleged that despite directions by the Adjudicating Authority from time to time, the Ex-Directors of the ‘Corporate Debtors’ were willfully dis-obeying to co-operate - HELD THAT:- In the present case, as we find that the Appellant has not co-operated with the ‘Resolution Professional’/ ‘Liquidator’ and is still not co-operating and the Adjudicating Authority has already initiated the contempt proceedings under Section 425 of the Companies Act and intends to order for penal action under Section 70 and 72 of the I&B Code, we allow the Appellant to raise all the issues before the Adjudicating Authority - If any issue the Appellant intends to raise, he and other Directors should appear in person and may file reply and the Adjudicating Authority thereafter will decide whether the Appellant and the other Directors are liable for punishment in terms of Section 425 of the Companies Act or their case is to be referred to the Special Court for action under Section 70 r/w Section 72 of the I&B Code. Appeal dismissed.
|